(PHOTO: Ukrainian protester smashes Lenin statue after it was toppled in Kiev)
(12-12-13) The political & economic crisis in Ukraine continues as demonstrators tore down a statue of Lenin in Ukraineâs capital Kiev protesting President Yanukovichâs policies of cozying up to Russia and rejecting closer ties to the European Union. So will Ukraine become the next Cyprus, another basket case that needs âbail-inâ money to stay afloat?
No, because so far Ukraine has become effectively reabsorbed by Russia which exemplifies their former status as a colony of the Soviet Empire. Also Ukraine with a population of 46 million has only $20 billion in reserves which is equivalent to 2-1/2 months of imports, which is worse than Egypt.
Russia wants to make sure that Ukraine remains a defacto vassal state of the Russian Federation in Putinâs five or six year effort to reabsorb Ukraine and the Trans-Caucasus states. The Russians can not act overtly because they signed on to the Commonwealth of Independent States agreement in 1990.